I. Field of the Invention
The present invention generally relates to computerized forecasting systems and methods. More particularly, the invention relates to systems and methods for forecasting demand for an object in a managed supply chain.
II. Background Information
Forecasting predicts future demand for a product based on historical and judgmental data. Forecasts can be created in various ways. For example, forecasts may be created by, for example, statistical methods, causal analysis, human judgment or a combination of these approaches.
Forecasting techniques employing a degree of automation are also known. For instance, one or more aspects of a forecasting procedure may be carried out automatically using, for example, a computer.
It has been found, however, that when a partially, automated forecast process is performed one or more problems can arise. For instance, when performing a partially, automated forecast based on historical data, which may include a time varying historical time series, manual intervention is often required in order to generate the forecast. In particular, manual intervention may be required in order to select the most suitable forecast model(s) and/or parameter(s) for such a forecast model.
In view of the foregoing, it is an object of the present invention to address these and/or other problems encountered in conventional demand forecasting. In particular, it is an object of the present invention to reduce the need for manual intervention in forecasting demand.